BUIS4501 WEEK 8 TUTORIAL

What is an e-payment system?

• A way of making transactions through cash only

• A way of making transactions through an electronic medium

• A way of making transactions through both cash and checks

• A way of making transactions through checks only

Which of the following is NOT a mode of electronic payment?

• E-Money

• Smart Card

• Cash

• Credit Card

What is the major difference between a debit card and a credit card?

• Debit card transactions are slower than credit card transactions

• Credit card transactions require a PIN, while debit card transactions do not

• Debit card transactions deduct amount immediately from the bank account

• Credit card transactions have a restriction on daily withdrawals

What is the purpose of a smart card's microprocessor chip?

• To provide faster processing

• To allow transactions without a PIN

• To store customer's personal information

• To encrypt the card information

What is an example of e-money transaction?

• Cash payment at a physical store

• Online payment using credit card

• E-cash transaction

• Payment using checks

What is the benefit of using an electronic payment system in E-commerce?

• Instant notifications on transaction completion

• Delayed notifications for transactions

• Decreased product delivery speed

• Increased cash transactions

Which of the following is an important characteristic of an Internet payment system?

• Anonymity

• High transaction costs

• Low customer base

• Inflexibility

What is a key benefit of electronic payment systems?

• Higher labor costs

• Decreased revenue generation

• Enhanced security

• Increased paperwork

What is the purpose of Electronic Fund Transfer (EFT)?

• To eliminate the need for bank accounts

• To transfer money between bank accounts

• To reduce efficiency in transactions

• To increase paperwork in transactions

What is the significance of internet-based EFT?

• It increases transaction costs

• It allows customers to transfer funds online

• It requires physical presence at the bank

• It slows down the fund transfer process